Bermuda Press (Holdings) Ltd (BPH) announced a steep fall in profits as redundancy costs ate into earnings.The group, which has publishing, printing and retailing interests and owns The Royal Gazette, posted a profit of $11,000 for the six months ended March 31, 2011, compared to a $267,000 profit for the same period a year earlier.Employee redundancy costs were $638,000 during the first six months of the company’s fiscal year, as a result of restructuring within the group, the company said in a statement today.Fourteen redundancies were announced at the group’s commercial printing unit, Bermuda Press, late last year.Revenue slumped by 8.4 percent to $14.74 million, compared to $16.1 million in the prior year period. Net income from operations slid from $433,000 to $170,000.Earnings per share were one cent, down from 19 cents a year earlier. The company stated that its board expects its current quarterly dividend rate of 10 cents per share to be maintained through the end of the year.The company’s Crown House Properties real estate division will be maintaining 100 percent occupancy, BPH stated, having secured leases for all available tenant space beyond September 30, 2011.BPH said the weak economy had negatively impacted its results. “The decrease in revenue in 2011 has exceeded the cost-cutting efforts to date, resulting in a decline in net income for the period. Your company’s board is continuously monitoring and responding to the changes in local economic conditions.”The statement added that BPH is in the process of modernising its print and newspaper business models, as part of a long-term strategy.A press upgrade, expected to be completed next month, is under way at The Royal Gazette, BPH said. The new configuration will increase colour capacity, improve registration and simplify the production model.In addition, new digital print equipment has replaced the traditional presses at the Bermuda press, as the company seeks to become a leader in digital printing. However, the company added that it “still maintains a significant position in traditional lithographic printing”.